“We’re having a bounce on medical issues, not on policy issues, not on technical issues.” Here’s why Allianz’s elerianm says that’s significant.
The bullish sentiment was driven by a number of things:
New York State reported 594 new coronavirus deaths on Sunday, fewer than 630 on Saturday, marking the first daily decline in coronavirus-related deaths, according to Governor Andrew Cuomo. . U.S. crude was still off by 4%, but off its biggest losses of overnight trading, easing concerns the oil market would further destabilize the global economy.
Last week, the major averages posted their third weekly decline in four. The Dow slid 2.7% while the S&P 500 lost 2.1%. The Nasdaq Composite closed last week down 1.7%. Stocks are also deep in bear-market territory as concerns over the coronavirus outbreak have virtually shut down the global economy and have dampened sentiment around corporate profits.
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